Many have mentioned collecting rent by auto draft from your tenants bank.

Have any them stopped the auto draft during their tenancy? Maybe during the "COVID years"?

If so, how did you handle it?

Want to incorporate this time saver beginning with new renters. Not sure how to go about it, and what could go wrong. Insight please?

I've been doing this over 10 years, maybe 15. Never once had a tenant stop a draft...so far.

I actually don't require ACH. I allow cash deposit, deposit of check, electronic transfer, ACH...as long as the money is in the designated account prior to the deadline.

It works beautifully for me.

Pros: I never touch cash, and the tenants know that.

time stamp is generated by the bank and is not disputed.

I can check deposits at midnight in my pjs if I like.

It can happen occasionally when you use ClearNow.

It becomes a profit center as I charge them a $20 non ACH fee. The biggest benefit is though, you know that they stopped the draft a day or two before rent is due instead of hearing - it is in the mail.

I have used ACH for about 3 years and just started to require it for all new leases about half way thru 2021. It's now on my application, and if they can't or won't use it they fail the application process. It has made my life considerably easier and less stressful. No one has "gone off" of it, but I have had a few bounce. 95% work just fine, and I find out really quickly (1-2 days) if they bounce.

I have used ACH 4 years and have required it for the past two years. I have not dealt with a stop payment.

Here is an important issue, ACH should demonstrate a person’s ability to manage their finances to a small extent. It doesn’t work if they are chaotic cash payers that are only now getting a bank account in order to satisfy the LL.